Detached bungalow want to divide into two semi bunglaows semis.

tricia118

Hello,
I have a detached bungalow with a mortgage. I live in an area where only 4 bunglaows are detached and over 100 are semis.

I would like to split this large bungalow into two semis and my daughter would live in the other half. We plan to keep both our names on the deeds and not to sell for at least ten years. My daughter does shift work and this is an ideal situation for her to live next door, the house is too large for me and it will also cut my living costs- it's a win win situation. She gets on the market, has childcare on tap and I cut my bills in half. I live in Northern Ireland and the market here is very unsteady , I do not see selling my property at this time as an option.

The mortgage company have told us that borrowing money is not a problem.



So I am left with the following questions this is the first hurdle :

Do we have to split the deeds at the start as we will plan to have a joint mortgage of which we will pay half.

I know the bank will think of the scenario of one of us wanting to move, so how can you sell half with one set of deeds if that ever happened.

Surely if we wanted to sell the other half down the line the deeds split could be done on completion by a solicitor ???

The bank have been asked about the deeds split and they do not understand the question ??

I am stumped as to how to answer that one. I know that a solicitor can split the deeds no problem, we both still plan to keep the mortgage in both names ,it is at what stage can this happen.

The other question is can a house have one mortgage if it has been split into two, ( I assume it can as one person can own one block of flats).




Can anyone assist?

The planning, costs and permissions are all separate queries, I do not think they will be a problem that is not my concern at present.